"The existence of a separate SEC and CFTC is the single largest structural defect in our regulatory system," said Frank. "Unfortunately, this is deeply rooted in major cultural, economic and political factors in America. Had we sought to merge those institutions in the overall financial reform bill, it would almost certainly have caused the defeat of that that legislation. Now that the basic policies have been adopted to cover security and derivatives regulation we can focus on the structural issue. I file this bill now because I believe it is time for this to be on the agenda of the next Congress."

“This is a common sense step in continuing to advance financial regulatory reform. Merging the SEC and the CFTC will consolidate the existing regulators to eliminate gaps that have put our financial system at risk,” stated Congressman Mike Capuano.

Frank is the Ranking Member of the House Financial Services Committee. Capuano is the Ranking Member of the Subcommittee on Oversight and Investigations of the House Financial Services Committee.